Transcript

Which Degrees are Worth The Debt?

WHICH DEGREES ARE WORTH THE DEBT? Student loan horror stories are a dime a dozen. Everyone has met (or heard of) a philosophy major who owes $100,000 and can't find work. Yet, beneath all the negativity, some degrees still offer high enough incomes to justify the costs of earning them. Today, we break down which degrees will help your career instead of burying it before it begins. To determine which degrees are truly worthwhile, we looked at how much debt the average student incurs: The Project On Student Debt estimates two-thirds of graduating State averages for graduation at four-year colleges ranged from $15,500 to $31,050 in debt. seniors in 2010 had an average of $25,250 in student loan debt. The highest-debt states were Worst of all, the unemployment located in the Northeast and rate for young graduates rose to 9.1 percent in 2010 (the highest yet), up from 8.7 percent in 2009. Midwest; the lowest-debt states were clustered in the West. 10 BACHELOR'S DEGREES WITH THE HIGHEST STARTING SALARY IN 2010 (According to CNBC) ELECTRICAL/ELECTRONICS & COMMUNICATIONS ENGINEERING PETROLEUM ENGINEERING CHEMICAL ENGINEERING MECHANICAL ENGINEERING MINING & GEOLOGICAL ENGINEERING INDUSTRIAL/MANUFACTURING ENGINEERING AEROSPACE/AERONAUTICAL/ ASTRONAUTICAL ENGINEERING COMPUTER SCIENCE 10101 COMPUTER ENGINEERING INFORMATION SCIENCES & SYSTEMS $100,000 $86,220 $80,000 $65,142 $64,552 $61,205 $60,879 $60,000 $59,074 $58,392 - $57,734 - - $57,231 $54,038 $40,000 $20,000 మా 10101 The most popular majors (business, social sciences, history, and education) often take until mid-career to even begin approaching those entry-level salaries, according to the NCES and PayScale.com. REPAYMENT TIME USING OBAMA'S NEW 10 PERCENT FORMULA President Obama recently proposed an "Income-Based Repayment“ plan to cap student loan payments at 10 percent of the student's discretionary income. Here's how long it would take to repay the $25,250 in average student debt with the starting salaries of the degrees above: Years Months H | | | H|HIHIH| Conversely, a graduate earning the $35,000 average starting salary for a psychology major would need 86 months (over seven years) to repay the same $25,250 in student debt. The sooner you repay your student loans, the sooner you begin pocketing the higher income you studied so hard for! If you look at college solely as an investment, in terms of whether student debt is economically justified, the conclusion is clear: math and science majors provide the most bang for your buck. SOURCES: STUDENT DEBT PROJECT | CNBC | PAYSCALE | NATIONAL CENTER FOR EDUCATION STATISTICS | FOX BUSINESS CRISP360

Which Degrees are Worth The Debt?

shared by ColumnFive on Dec 05
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Student loan horror stories are a dime a dozen. Everyone has met (or heard of) a philosophy major who owes $100,000 and can't find work. Yet, beneath all the negativity, some degrees still offer high ...

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